AirAsia Bhd announced today the re-designation of key executives within its board that saw its cofounders re-focussing their attention on Malaysia.

The budget airline said co-founder Datuk Kamarudin Meranun has been re-designated as executive chairman of the board to will take the lead in engaging with the government, aviation regulators and airport authorities in Malaysia.

Tan Sri Tony Fernandes, another co-founder, was re-designated as group CEO and non-independent executive director following the recent merging of the regional office’s group functions back into AirAsia Bhd.

As group CEO, Fernandes will provide overall leadership to the group in driving brand value, reducing cost and driving efficiencies to improve performance of the airline in Thailand, Indonesia, Philippines and India.

Rozman Omar will also return to AirAsia Bhd as group chief financial officer where he is expected to develop a group-wide growth strategy.

Kamarudin said he and Tony would have to play a critical role to protect AirAsia’s long term sustainability and value. “This will include handling all external issues that affect the aviation industry, most notably KLIA2...Malaysia is now the leader in low cost travel and we must not lose that advantage.”

The JV, of which Muhibbah has 30% interest, will construct and expand the terminal building and the refurbishment of the Phnom Penh and Siem Reap Airports in Cambodia.

The duration of the contract for the Phnom Penh Airport and Siem Reap Airport is 28 months and 23 months respectively and both are expected to be completed by the end of 2015.

Muhibbah said that the contracts are expected to contribute positively to the earnings and net assets of the company for the current and future financial years.

Petronas Chemicals Group Bhd (PCG) announced that it has entered into an agreement to divest all its interest of 93.11% in Vietnam based Phu My Plastics and Chemical Company Ltd (PMPC).

The integrated chemicals producer said it would divest its stake to Asahi Glass Co. Ltd. and Mitsubishi Corporation, and completion of divestment is expected by the second quarter of next year.

“The divestment in PMPC is part of our plan to discontinue our vinyl business in line with the portfolio optimisation strategy announced last year,” said PCG.

Daibochi Plastic and Packaging Industry Bhd’s net profit rose 7% year-on-year (y-o-y) to RM7.4 million in the third quarter to Sept 30, 2013, from RM6.9 million in the third quarter ended Sept 30, 2012.

Similarly, 3Q revenue hiked 33% y-o-y to RM87 million from RM66 million a year earlier.

The flexible packaging solutions provider said its packaging segment recorded the highest quarterly profit before tax achieved to date.

Daibochi said the improved revenue collection was attributable to the increase in sales to MNC customers.

Meanwhile, Daibochi declared a third interim dividend of 4 sen per share.

Kinsteel Bhd has again sought indulgence from its bank to delay full redemption of its debts and today it was again granted permission to do so.

Kinsteel said it has received a letter from RHB Investment Bank granting it a further indulgence till Nov 28, 2013, for the full redemption of the RM40 million outstanding under the the company’s commercial papers/medium term notes programme.

The steel maker said it is in the midst of finalizing documentation to redeem the RM40 million debt papers with a term loan provided RHB IB.

Apex Equity Holdings Berhad announced that it has today disposed one million Finbar shares at sale price of AUD1.55 per share for AUD1.55 million (RM4.5 million).

“The disposal will result in a gain of approximately RM2.5 million. The proceeds will be utilized for working capital,” said the company.

KPJ Healthcare Bhd is set to launch 10 hospital projects nationwide worth RM1 billion in five years.

Speaking to reporters after KPJ's healthcare exhibition launch today, managing director Amiruddin Abdul Satar said for the next few years, the group will focus on expanding its presence in Malaysia.

KPJ currently has a 25% share of the domestic private hospital market.

Malayan Banking Bhd (Maybank) has poured cold water on speculation it was readying a bid to buy assets in Thailand, according to Reuters.

Since being named president and chief executive officer of Maybank in August, Abdul Farid Alias, has faced questions on how the bank intends to meet its goal of increasing the share of earnings from outside Malaysia to 40 percent.

Maybank, with operations across Southeast Asia but lacking a commercial banking operation in Thailand, was thought to be readying a bid for a stake in Bangkok-based TMB Bank Pcl that Dutch financial services company ING Groep NV wants to sell. TMB is Thailand's seventh-largest lender.

"People assume we will acquire something in Thailand to make up the 40 percent," Abdul Farid told Reuters, although not mentioning TMB specifically.

"It is not a situation that we will do a deal at any cost," he said, adding that he believed Thailand's banking sector, as a whole, is currently over-valued.

"The idea that we have right now is (that) we probably don't have to resort to M&A to achieve that 40 percent objective," Abdul Farid said.

Instead, for the same kind of money that might be spent on banking assets in Thailand, Abdul Farid said Maybank could probably get similar, if not better, returns by investing in operations in Singapore, Indonesia or the Philippines.

Barakah Offshore Petroleum Bhd, on its maiden trades today, jumped as much as 111% in morning maiden trades after assuming the listing status of financially-beleaguered Vastalux Energy Bhd.

The reference price for the stock is placed at 53.5 sen.

At market close, Barakah jumped 46.5 sen or 87% to end at RM1.00 in active trades.

Karex Bhd, which was a new listing today, saw its share soar 60 sen or 32% to end at RM2.45 per unit.

The stock, which had hit a high of RM2.50, was one of the top gainers and top actives.

Benalec Holdings Bhd announced that it has received a requisition dated 29 October 2013 from two independent non-executive directors of their proposal to convene an EGM to remove two other directors: Datuk Leaw Tua Choon and Datuk Leaw Ah Chye.

The proposal was made by Koo Hoong Kwan and Wong Yoke Nyen in accordance with Section 128 of the Companies Act, 1965 and Article 73 of the Company’s Articles of Association.

Benalec said its board resolved today to convene the EGM in due course

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